We at AutoNet Financial have received numerous inquiries from people on how they can qualify for car loans for low income on SSI, which is often times difficult to do.
In some cases it is actually impossible, especially if you want to finance a car with bad credit auto loans and most of your income comes from disability checks. However, there are ways to improve your chances of approval with sub prime credit.
It is pretty well documented that most car finance companies are not usually willing to provide financial assistance to individuals who have all or a majority of their income comes from social security or disability. Why? Well let's say a lender offers you a special bad credit car loan and you failed to make any payments on the loan, the lending company would not be able to garnish your income for repayment.
This may seem like some sort of injustice, but these same standards apply to people who try to use child support or alimony as their main source of income. Dealerships and financial institutes feel the need to protect themselves from consumers with disability incomes and who may seek to exploit this area in the vehicle loan process. Luckily there are still some courses of action that people with sub prime credit scores and SSI can utilize.
The tips above should prove useful to most disabled people with SSI, but if not you may want to consider re-establishing your credit. A car loan company will be much more reluctant to consider you for a loan if your have a better credit rating. So yes it is difficult to get approved for special financing with a different income, but it is not impossible when using the proper tactics.Here at AutoNet Financial we help provide bad credit loans with little to no money down for people that earn over $1,500 per month, regardless of how long they have been on the job. We also offer helpful advice on local loan companies, no credit check tips, and which finance companies will help you get a vehicle loan with bad credit.